Lost 75% traffic - 2 possible reason, which one in your opinion?

Lost 75% of traffic, not big volume but a money site with good conversion so it sucks.
I think it's quite interesting due to the circumstances, because it's surely one of the following reasons:

1) I bought 20+ cheap pbn links, from spunned content in the last 10 days. I later realized maybe it was not the best thing to do. Money site didn't have many domains linking so they also take a important part in the backlink prophile.
2) Website was offline for nearly 48 hours. From what I read, after such situations Google ranks drop for a few weeks but I never had this experience before plus I bought those pbn links at the same time so not sure what's the reason. So that might actually be the reason and not the pbn links.

What do you think it's the cause?

Anyway, in my opinion it will recover in a couple weeks. Planning to get some nice guest post in the next weeks and use some of my pbn's to get some higher quality links in the meanwhile
Curious about your opinion - in a way this also helps to understand SEO - because either pbn links or 40h offline cause 75% traffic drop.

Also, I have some pbn links on their way from another bhw seller too. But from the description it seems like a nice service so I don't think it will harm.
I will avoid those 1,5$ pbn links just in case in the future. I had compulsory shopping days during black fridays lol

Cheap pbns is a big reason, always go for premium links if you’re keen on pbn.

secondly there’s been massive updates in the past few days so could be a reason

Mr Positive said:

Cheap pbns is a big reason, always go for premium links if you’re keen on pbn.

Click to expand...

Yep. Better safe than sorry, not worth it for just a couple extra $

"secondly there’s been massive updates in the past few days so could be a reason"

Ok, I missed those G updates but my websites have never been hit by them since content is always unique.
What about the hosting down, any experience about it? I just read online but first time it happens.

we never know exactly how G works, having your web site off might have influenced but doubt it is a death or alive factor. Now cheap links and content that is scarier.